Renters Insurance
Renters Insurance Information
With the high costs that accompany homeownership, the thought of owning a house might not feel like the best option for you. Still, renters need to protect themselves as much as any other homeowner. You might not own the property, but you still live there, and you still face safety risks and liabilities that could be harmful. To avoid costly problems at home, you can rely on the benefits of a strong renters insurance policy.
For more than four decades, SAMCO Agency has been the neighborhood insurance agency that our friends in greater Chicago trust with their insurance needs. We’re here to make sure you get not only quality protection, but also a plan that is affordable to you. Price is one of the biggest factors that makes renters insurance attainable, and we’ll make sure your plan never costs you an arm or a leg.
To get your policy, call us at (630) 227-9000 or request your quote now!
Get Your Renters Insurance Through Travelers©
As one of America’s most trusted and reliable personal insurance providers, Travelers offers every client adaptable policy options that are both easy to manage and friendly to your budget.
To Travelers and their agency partners, the goal of insurance is to make your life easier. That’s why Travelers’ renters insurance policies are designed to provide strong, essential benefits that are still customizable to your needs. You can adapt your policy to fit all your specialty needs without having to spend huge amounts of money.
Common Renters Insurance Questions
How Does Renters Insurance Work?
In your rental home, you face as many safety risks and liabilities as you would in any other house. These might include:
- Fires, smoke damage, explosions or lightning strikes
- Vandalism or theft
- Severe weather
- Burst pipes
- Property damage or injury lawsuits
Because you don’t own the home you live in, these risks are unique in their own ways. Still, they will always prove costly. With the right combination of renters benefits, you’ll be able to minimize your financial losses following unexpected, unavoidable accidents at home. That’s a great benefit for anyone.
What Does Renters Insurance Cover?
Your renters policy must be adaptable to the specific liabilities that you and your family face. That way, it can help you pay for your recovery without a big hit to your wallet.
Policies usually contains three distinct benefits:
Possessions Insurance
This covers your belongings in your home in case they sustain unexpected damage. Your plan can pay you to repair or replace these items. Covered items might include:
- Furniture
- Appliances
- Clothing
- Household furnishings
- Personal items
Liability Insurance
Someone might blame you for causing them harm or damaging their property. Even if the accident was a mistake, you might have a legal responsibility to repay that person. Liability coverage helps you do so and covers your legal expenses when lawsuits arise.
Costs covered by your plan might include:
- Bodily injury costs
- Property damage of others, including property damage done to the rental home
- Legal fees of both you and the party who sues you for damage
Loss of Use Insurance
After a problem in your rental unit, you might have to temporarily move out. In this situation, you can use loss of use coverage to pay excess living expenses that arise. These might include hotel bills, dining bills and other essential costs. The plan won’t pay for these benefits indefinitely, however.
To further customize your benefits, you can invest in expanded coverage such as:
- Scheduled personal property endorsements
- High-value items coverage
- Umbrella liability insurance
- Pet liability insurance
- Replacement cost contents insurance
Please note, renters insurance does not cover floods, earthquakes or routine wear and tear. You can, however, buy separate policies for flood and earthquake damage.
When Is Renters Insurance Required?
Most of the time, you must buy renters insurance if your landlord requests it. However, even without a coverage requirement, it is still important to carry this benefit. If you have a roommate, it is best for both of you to buy your coverage separately.
How Much Does Renters Insurance Cost?
Multiple factors can influence your renters insurance costs, including the policy limits you choose and the risk ratings that each insurer assigns to you. But don’t forget, you can qualify for numerous discounts, even just by having certain safety features in the home. Let us help you find the plan that offers you the most opportunity to save.